Ghana’s fortunes are on the rise

The last time IAB reported on Ghana, the local accounting industry was finding itself stifled by a struggling economy and in desperate need of a larger client pool to drive growth. An uptick in the economy and changes to regulation is bringing positive change in 2026.

Published statistics in Ghana shows that the economy is recovering in 2026 as compared to 2025. The Ghana Cedi has strengthened; inflation is now a single- digit figure of 3.2% in March 2026 and The IMF confirms a 4.8% growth forecast for 2026, slightly above the Sub-Saharan Africa average.

“The improvement in the country’s economy has brought in new audit clients,” said Dr Isaac Yaw Ani, managing partner of Russell Bedford BAFT.  “Specific areas that have contributed to this growth are the ICT, the financial sector where regulation is driving growth due to high level stakeholder’s accountability and corporate bodies are required now to file annual audited returns with both the Ghana Revenue Authority and The Registrar of Companies with penalties for failure to file returns.”

But as many other countries are finding, an uptick in demand means an uptick in skills to meet client needs.

“There has been some meaningful progress in creating client opportunities in tax advisory and support services,” said Emmanuel Amoako, senior tax consultant for Crowe Veritas. “To win bigger clients, our firm has plans to undertake significant investments in AI and technology applications to improve quality innovation and industry expertise. We have increased awareness of our firm as trusted professionals in tax services including global mobility services, indirect tax and transfer pricing service leaders and provision of BPO services. The firm has made some gains in provision of tax audit support services to clients because of increased tax audits by the Ghana Revenue Authority.”

There are also signs that inefficiencies in the implementation of the African Continental Free Trade Area (AfCFTA) are being addressed, which will bring further trade to Ghana. AfCFTA was formed in 2019 to create a single borderless market with a population of 1.3 billion people and a combined GDP of USD 3.4 trillion, and Ghana hosts the headquarters of AfCFTA in its capital city of Accra. It was expected to bring significant economic developments that would sweep the local accountancy firms along in its wake. The reality was that AfCFTA in Ghana was bedevilled by non-tariff barriers, institutional barriers, lack of political will to implement signed trading contracts, and political instability in some other member states.

However, Dr Ani is optimistic that AfCFTA has become more effective in recent years as a result of putting more emphasis on the practical implementation phase. This is supported by recent records indicating that trade volume between African countries has grown to approximately US$190 billion in 2023 compared to US$140 billion in 2017, helped by the Guided Trade Initiative (GTI), which has provided avenue for countries such as Ghana, Kenya, Rwanda, Egypt, and Cameroon to test procedures and cleared over 96 products.

The Dispute Settlement Body is now operational, providing a legal structure for resolving trade issues among African countries, while the Pan-African Payment and Settlement System (PAPSS) has been launched to facilitate cross-border payments in local currencies, reducing dependence on the US dollar. Negotiations for protocols on investment, competition policy, and intellectual property rights have been completed to further deepen regional integration.

“As at the end of the year 2025, only one country out of the 55 African Union member has not signed to ratify the agreement. The 54 signed members have demonstrated high political buy-in,” said Dr Ani.

Amoako sees positive signs that trade under the framework is starting to pick up, and institutions and systems are developing. “However, major implementation challenges such as infrastructure shortages, policy inconsistencies in member countries, non-tariff barriers (including conflicts) in several countries and uneven political commitments persist,” he said. “For example, conflicts in neighbouring countries have affected intra-Africa trade that was until recently bourgeoning.”

While he feels that the effectiveness of AfCFTA has not been very dramatic in Ghana, there has been an increase in strategic positioning of Ghana as a regional trade and services hub.

Regulatory developments in the Ghanaian accountancy profession are still in the hands of the Institute of Chartered Accountants, Ghana (ICAG). The powers of ICAG have been strengthened by the enactment of the Chartered Accountants Act, 2020 (Act 1058) and the Companies Act, 2019 (Act 992) with the focus now shifting toward sustainability reporting, enhanced audit quality monitoring in line with ISQM 1 and 2 and strict enforcement of International Financial Reporting Standards (IFRSs).

ICAG has adopted a roadmap for IFRS S1 and S2, with voluntary reporting started in 2024 and mandatory adoption for Significant Public Interest Entities (SPIEs) expected by 2027. Additionally, preparations for IFRS 18 are underway for auditors to ensure its implementation beginning on or after January 1, 2027. 

The ICAG, through the Public Accountancy Supervisory Committee (PASC) and Accountancy Practice Review Committee (APRC) based on Audit Quality and Oversight (Act 1058) has strengthened its oversight. There are penalties for compliance failures and failure to adopt Quality Management Standards (ISQM 1 & 2). There is a transition to accrual-based International Public Sector Accounting Standards (IPSAS) reporting for public accounts in Ghana.

Ghana has undertaken several reforms aimed at strengthening its investment climate, tax framework, and its regulatory environment. Key developments effective 1 January 2026 are: Value Added Tax (VAT) has been restructured, so the standard VAT rate (15%), with National Health Insurance Levy (2.5%) and GET Fund (2.5%) have been recoupled resulting in a 20% VAT-inclusive structure; Covid-19 Health Insurance Levy (1%) has been abolished; full input VAT deductibility has been introduced, significantly improving VAT recoverability; the VAT flat-rate system (VFRS) has been abolished; and mandatory certified electronic invoicing system is being enforced to embrace compliance and enforcement.

“The accountancy industry in Ghana is growing and the competition for clients is becoming more intense day by day,” said Dr Ani. “To avoid under charging by some audit firms, regulatory efforts include enforcing minimum audit fees to ensure quality, bank-specific audit firm rotation every six years, and a mandatory 35-hour annual Continuing Professional Development (CPD) requirement have been put in place by ICAG and the Companies Act 2019 (Act 992) to enforce client rotation. This growth could be enhanced with strict discipline against unethical conduct by the Institute of Chartered Accountants.”

Investment in technology is becoming a crucial factor for local firms trying to stay competitive.

“There is an increasing realisation for AI and technology investment to improve efficiency in carrying out audits to mitigate effects of increased resistance by clients to fee increases, competition from other service providers and the unexpected strengthening of the local currency against all major trading currencies in the previous year,” said Amoako. “Recruitment and retention of high-quality staff have become a major challenge. Investment in new equipment, AI and technology to meet industry expectation of high service quality delivery and efficiency have become prerequisites to stay competitive.”

Specific service sectors are now beginning to take off. There is now high demand for sustainability and ESG reporting because corporate bodies want to address this in their annual report on or by 2027. With rising digital risks, IT audit and cyber security audits are now a priority for companies that have moved from manual processing to a computerised platform.

“Stakeholders are seeking assurance that their electronic platform is producing reliable and quality information more than before,” said Dr Ani. “Again, strict regulatory compliance from regulatory bodies such as the Bank of Ghana, Securities and Exchange Commission of Ghana have raised demand for compliance audits in public entity companies in Ghana. Also, Securities Industry (Regulatory Sandbox Licensing) Guidelines 2026 brought in about 11 Virtual Asset Service Providers (VASPs) who are now required to audit their operations. This has led to demand from fintech and cryptocurrency for auditors in Ghana.”

The one route local firms are not taking to stimulate growth is merger and acquisition. According to Dr Ani, there has not been any significant consolidation or merger activity in the accounting profession in Ghana, possibly due to fears over loss of control and loyalty by founding members. Rather, a few local firms have sought growth by joining an internal network of firms with a strong global presence.

Over the coming year, Amoako is looking forward to an influx of foreign investors who will be needing to partner with local firms, thanks to new investment legislation Parliament has passed the Ghana Investment Promotion Authority Bill, 2026, which is now awaiting presidential assent. The Bill will repeal and replace the current law and is intended to modernise Ghana’s investment regime, repositioning the country as a more competitive, transparent and investor-friendly destination at a time when competition for foreign direct investment across Africa is intensifying.

The Bill reflects a clear policy intention to lower entry barriers, strengthen investor protections and enhance regulatory oversight. It also signals Ghana’s commitment to aligning its investment regime with regional and international standards, particularly under AfCFTA.

The Bill transforms the Ghana Investment Promotion Centre into the Ghana Investment Promotion Authority (GIPA), a body corporate with a broader mandate. It is expressly designated as a one-stop shop for investment promotion and as the national focal point for investment under the AfCFTA. The Bill also places outward investment by Ghanaian enterprises on a statutory footing for the first time by expressly mandating GIPA to promote and facilitate Ghanaian investments into foreign markets, with a focus on supporting regional and global expansion, particularly within Africa, and enhancing the international competitiveness of Ghanaian businesses. This reflects a growing ambition not only to attract foreign capital but also to support Ghanaian businesses as they expand into regional and global markets.

Perhaps the most impactful reform is the removal of general minimum capital requirements for foreign investors. Under the current law, foreign participation has been subject to statutory thresholds of USD$200,000 for joint ventures and USD$500,000 for wholly foreign-owned enterprises. The Bill removes these requirements entirely.

In just two years, the fortunes of local accounting firms have seen a dramatic turn around. They can only hope that increasing geopolitical uncertainty does not knock Ghana off course.